What are Trusts?
Trusts are a method of estate transfer that can occur prior to or at death and avoid many of the downsides of a will including probate, tax considerations, and administration. A trust document is executed by the settler’s transfer of the “res” or property immediately into the trust to be manage by the trustee under the terms of the trust.
A trust may be a permanent transfer of property and control, as in an “irrevocable trust”. Or a trust can be a conditional transfer of property and control, as in an “irrevocable trust”. Trust constructions and issues are complicated but can save you a considerable amount to your estate in taxes.
There are a number of different types of trusts you can create:
- Asset Protection
- Special Needs
- Tax By-Pass
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